Questions tagged [debt-reduction]
The act of paying off debts (either partially or completely). One may do this to lower or eliminate a monthly payment and regain control of one's personal finances. There are different ways to do this, but the most popular are based either on the total amount of each debt or on the interest rate. There are different arguments as to which one is better, but either is better than doing nothing but paying the minimums.
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Should I just sign up for lender tree or Credit Karma and consolidate my loans and all my debt?
I’ll try to make this straight to the point-
-I have one credit card, two store cards, two small loans and I can barely make ends meet. I don’t know whether to try to consolidate with one or credit ...
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How can I minimize possible future ties to economics and live as stress-free as possible on an economic level? [closed]
I have no other way to phrase this but for some reason, even the meer mention of most personal finance topics sets off panic attacks (probably a lack of understanding or ability to comprehend the ...
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Invest in treasury bonds or pay off loan?
I have about $5000 coming in from a stock sale (ESPP). My plan with it was to invest in treasury bonds (I), since the rate is really good right now (~6.69%). It changes every 6 months (https://www....
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Should I repay my student loan to free up £800 in cash flow?
Some advice would be appreciated.
I am in a very fortunate scenario where I'm currently earning net £6k a month as a contractor inside IR35. My student loan balance remaining is £12k and I have enough ...
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IRS debt collection for tax that the IRS thinks is owed due to mistakes in tax return
When I was younger (many years ago, had just turned 18 and moved out of my parents), I briefly worked in a company part-time while attending college. The college gave me a tuition scholarship and a ...
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Is it a good time or good idea to invest money that I will need to repay in a year time that is not currently accumulating interest?
I'm currently in my graduate studies in Canada. I have around 20k in savings. I will make around 8k more by the end of studies in savings without accumulating any more debt. I currently have 20k in ...
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Is there any downside to paying off a mortage shortly before moving?
I recently purchased a house for $125k, currently the mortgage balance is $100k, but value increased during COVID to ~$210k. I am expecting to earn a lump sum of money, enough to pay off the mortgage ...
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What should i get first debt consolidation, house or car first? [closed]
I'm an 31yo above minimum wage worker with a little over $5k in debt from credit cards with various interests, with a credit score of 617, stocks ETFs and REITs with dividends, stable cryptocurrency ...
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Optimizing Savings Allocations
I am currently trying to decide the best way to allocate my savings, and I would appreciate your input. I am trying to budget roughly based on the idea of using 50% of my post tax income for ...
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How long does it take for a major payment to influence better terms on credit cards or personal loans?
I have ~$10K in cash "thanks" to way overpaying IRS the previous 2 years. I'm not very good at doing my own taxes, apparently.
I can use it to pay off some credit card debt, which is ...
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Where should we invest substantial proceeds after downsizing in California?
Need to learn where to invest substantial proceeds after downsizing from a California house we bought new 21 years ago, to a smaller California house.
Should I stick with mutual funds for income and ...
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0% intro APRs complicating payoff plans
So I'm in not-the-best™ position with about 15K in undesirable credit card debt (And another 5K in permanent no-interest deferred payment plans). I'm trying to calculate what the optimal payoff ...
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Hypothetically, should I pay off the smaller + higher interest rate loan first, or the larger + higher absolute interest cost?
I have this hypothetical situation on my mind and I am not sure which is the best solution.
Given:
Loan 1: $340,000 at an interest rate of 1.69% per year
Loan 2: $40,000 at an interest rate of 3.6% ...
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How to balance paying off student loans with 401k contributions when employer matches 100%, up to federal maximum?
I've regularly heard the best advice for a young professional is to max out your employer's 401k contributions (maybe 3-5%, or limited in some way), then focus the rest on paying down debts. After the ...
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Which debts to target to maximize credit score change
I have a variety of debts, and I have a strategy to pay them off. It starts with getting my credit score up another 40-80 points or so to reach the threshold where I can do a cash-out refi on the ...
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